Amanda Coussens: I’m sorry. Ben, can you repeat the last part of your question make sure.
Benjamin Budish: Sure. With the with the gross on gross raising of 2.5 and the outflows of 1.5 over the course of the year. It looks like about like a billion from Q4 to Q4 of fee-paying AUM growth. So maybe like a little under 10% in terms of average fee paying AUM growth. And Amanda you mentioned earlier that the average fee rate should be about the same year over year. So I’m just trying to flip from that if I have that right to the double digit revenue growth you’re expecting?
Amanda Coussens: Yes I think that the difference in catch up fees. We have some funds in the market that we would expect some, larger catch-up fees in 2024.
Benjamin Budish: Got it. That makes sense. And then any details on in terms of like pace of debt paydown. I think you talked about M&A obviously being at the top on capital priority. But just thinking about getting from the top line to the bottom line you’ve talked about the EBITDA margin. So just wondering what the interest rate or interest expense outlook looks like and maybe anything you can share on your expected cash tax rate?
Amanda Coussens: Yes, I would expect our cash tax rate to be very similar to what it has been in 2023. And generally I would say for interest other than additional M&A, I would expect our interest to be a bit lower. Of course, it depends on how much where how much stock buyback we have during the year. But otherwise, yes, the rate would be the only thing ultimately impacting from and stockpile.
Benjamin Budish: Got it. Okay. Thanks for the clarification. Appreciate it.
Operator: Thank you. One moment for questions. Our next question comes from John Campbell with Stephens. You may proceed.
John Campbell: Hey guys good afternoon. Just wanted to go back to the catch-up fees. By my math, I’m sure on maybe a 10 million benefit or so from 2023 to ’22. And obviously that’s 500 points or so of growth or 500 bps of growth a pretty big impact to margins as well. So first I guess is that math correct. And then secondly Amanda you talk to the expectation that it will be a little bit higher. You don’t get your fees will be a bit higher than 24. I’m just going to see if that was relative to 2023 or if that’s relative to kind of historical averages?
Amanda Coussens: So John, yes, you are correct. And the 10 million. And just to be really clear I think we typically state the catch-up fees for the quarter which they were 4.6 million for this quarter for Q4. And then for 2024, we expect them to be up about 60 million.
John Campbell: Doug you say six or 16.+ 16. Okay. So that would seem to be pretty impactful to margins. I guess given your maybe your commentary about some pressure on margins this year on mix shift, I guess it’s not going to be mixed from the catch-up fees. I guess that’s just product mix and then and to some extent or maybe it’s to a larger extent than just the reinvestment across the board. Is that the right way to think about it?
Amanda Coussens: Yes, that’s correct.
John Campbell: Okay. And then one more quick one for me. I don’t know if you have this on hand. I think you guys do typically put this in the 10 K, but what was your weighted average duration of remaining AUM exiting the year?
Amanda Coussens: About seven years. Okay.
John Campbell: So step-up from about six last year. Okay. Great. Thank you.
Amanda Coussens: Thank you.
Operator: Thank you. I would now like to turn the call back over to Luke Sarsfield for any closing remarks.
Luke Sarsfield: Well, thank you and thank you all for joining us today and we really appreciate the opportunity to be with you. As we’ve tried to underscore in this call, we’re building upon P10s solid foundation to deliver accelerated growth in the coming years. You’ve heard about our strategic priorities on today’s call and we look very much forward to updating you on our progress incrementally throughout the year. I want to thank our entire team at P10, our employees, our managers and ultimately our LPs who all contribute to making this a world-class platform. We’re incredibly excited for what’s to come and we very much look forward to speaking with all of you in May.
Operator: Thank you for your participation. You may now disconnect.
